09-08-2007 Tasmania's harness racing industry questions Betfair's benefits

While the loss of betting revenue to Betfair is at the top of the agenda of Racing NSW and Racing and Gaming Minister Graham West is working at an overhaul of the mechanism that regulates the flow of money to NSW TAB pools, members of Tasmania's harness racing industry claim that in the past 18 months since the introduction of Betfair there has been a reduction of almost $1.5 million in prize money across all racing codes despite the Premier's assurance to the contrary.

In other news, Betfair has agreed to sponsor Tattersalls' October Yearling Sale, while the betting exchange's wholly owned subsidiary Timeform will sponsor a race series at Newmarket in 2008 and 2009. The Tattersalls Timeform Millions is expected to be the most valuable sales-race series in the world, with a combined total prize fund of £2.2 million.